Beaumont Pardee Homes Settlement Agreement
Settlement Agreement Confirms that Pardee Homes Pays No Mitigation Fees in the City of Beaumont.
Settlement Agreement Between Pardee Homes and City of Beaumon
Dated February 7, 2017
On February 7, 2017, the Beaumont City Council Approved a Settlement Agreement between Pardee Homes and City of Beaumont that was not on the Agenda. To their credit; they make it clear that the City of Beaumont and Pardee Homes are trading Bond Debt for Mitigation Fees.
“Exhibit A” lists the $17,109.35 in Development Impact Fees charged per house to Pardee Homes. Instead of simply increasing the price of the house by $17,109.35 to cover the Mitigation Fees Pardee Homes and the City of Beaumont INSIST on charging Mello Roos Taxes, which forces to the home buyer into paying an additional $60,000 – $70,000 that will NOT increase the value of the home.
The Settlement Agreement is broken down into following points:
2. Acquisition of Bonds for houses in Development Areas 8C, 8D, and 17C that were Constructed and Sold in 2013 and 2014.
3. Pardee Homes will receive ‘not less than $3 Million’ remaining in Beaumont’s Bond Fund Accounts’ 2011 Series A and 2012 Series B.
4. Creation of CFD 2016-2 and CFD 2016-3
5. Funding and Construction in Lieu of Fee Obligation for CFDs 2016-2 and 2016-3
6. City ‘gets to’ keep past Mello Roos Taxes, but Pardee Homes gets future Property Taxes if City can not acquire Bond Debt.
Houses in Beaumont are worth far less than houses anywhere else in Riverside County because the housing market is flooded. There are literally thousands of abandoned and foreclosed houses in Beaumont’s Developments because houses are being built as an excuse to acquire bond debt, not because there is any housing demand.
There are no CEQA EIRs, no Fire Stations, no water supply, inadequate roads, and no accounting for the $400 Million in Bond Debt, Mitigation Fees, and Taxes already collected and misused. There is no consideration for the hundreds of Property Owners in Beaumont’s CFD Areas that demanded the City stop overcharging Taxes and building houses without Infrastructure.
There is no one representing the Citizens of Beaumont. Brian Forebath and the Law Firm of Stradling Yocca are Bond Lawyers – they profit from the acquisition of bonds. Although seven Beaumont City Officials have been Indicted their Staff is still carrying out the same bond and construction scam.
Four out of five of the current Beaumont City Councilmen live in a Development Area. Before becoming a Councilman Mayor Lloyd White would complain to Council about not having Infrastructure and that flooding the housing market was lowering the property value of his home.
Mayor White doesn’t complain any more.
Beaumont City Council Meeting February 7, 2017: https://www.youtube.com/watch?v=6Rq9YcukgCo&feature=em-lss